BridgeBio Pharma Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
BridgeBio Pharma (Nasdaq: BBIO), a commercial-stage biopharmaceutical company focusing on genetic diseases, has announced the approval of equity grants for 17 new employees. The grants, approved by the compensation committee on August 6, 2024, consist of restricted stock units totaling 71,859 shares of the company's common stock. The vesting schedule includes one-fourth of the shares vesting on August 16, 2025, followed by quarterly vesting of one-twelfth of the remaining shares, subject to continued employment. These grants were made under BridgeBio's Amended and Restated 2019 Inducement Equity Plan, in accordance with Nasdaq Listing Rule 5635(c)(4), as inducements for the new employees joining the company.
Positive
- Attraction of new talent with 17 new employees joining the company
- Implementation of employee retention strategy through equity grants
Negative
- Potential dilution of existing shareholders' stock due to the issuance of 71,859 new shares
PALO ALTO, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the “Company”), a commercial-stage biopharmaceutical company focused on genetic diseases, today announced that on August 6, 2024, the compensation committee of BridgeBio’s board of directors approved equity grants to 17 new employees in restricted stock units for an aggregate of 71,859 shares of the Company’s common stock. One-fourth of the shares underlying each employee’s restricted stock units will vest on August 16, 2025, with one-twelfth of the remaining shares underlying each such employee’s restricted stock units vesting on a quarterly basis thereafter, in each case, subject to each such employee’s continued employment with the Company or one of its subsidiaries on such vesting dates. All of the above-described awards were made under BridgeBio’s Amended and Restated 2019 Inducement Equity Plan (the “Plan”).
The above-described awards were each granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted pursuant to the terms of the Plan. The Plan was adopted by BridgeBio’s board of directors in November 2019, and amended and restated on February 10, 2023 and on December 13, 2023.
About BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015 and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. For more information visit bridgebio.com and follow us on LinkedIn and Twitter.
BridgeBio Contact:
Vikram Bali
contact@bridgebio.com
(650)-789-8220
FAQ
How many new employees received equity grants from BridgeBio Pharma (BBIO) on August 6, 2024?
What is the total number of restricted stock units granted by BridgeBio Pharma (BBIO) to new employees?
When will the first portion of the restricted stock units granted by BridgeBio Pharma (BBIO) vest?
Under which plan were the equity grants made by BridgeBio Pharma (BBIO)?
